banks: HELP FOR NJ SUBPRIME BORROWERS?
- 03/12/08 12:03 AM
Several New Jersey Legislators have proposed a plan to assist homeowners with subprime loans, those loans typically written for those will bad credit and low incomes. State Senator Ronald Rice wants a 6 month moratorium on subprime loan defaults, a new loan fund to help people stay in their homes and to allow some homeowners who loose their homes to stay for awhile. The legislation calls for: A 6 month moratorium to giver borrowers time to find a solution. Creation of a fund generated by a $2000 fee charged to lenders for each subprime foreclosure and $1 million from the … (3 comments)
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